Programme on the BdL Market

It is not mandatory to appoint a listing agent to list at LuxSE; you can submit applications directly with us. However, you may choose to appoint a listing agent to submit requests on your behalf.

Our listing members can act as a listing agent for you.

To list under a programme on the BdL market, an issuer must first file a base prospectus with the CSSF. Send your base prospectus to prospectus.approval@cssf.lu or visit the CSSF’s website for more information.

Note that some issuers, such as supranationals, should instead send their base prospectus directly to LuxSE for approval, in accordance with Part 3, Chapter 2 of the Prospectus Law.

In order to list on the BdL market, securities issued under a programme must fulfil the following criteria, among others:

• Securities are eligible for clearing and settlement
• Securities are freely negotiable and fungible

There is no minimum issue size for securities to be listed under a programme.

See Part 1, Chapters 5 and 7 of the Rules & Regulations for full details of our listing requirements.

In order to admit securities to trading under the programme, the following should be filed with LuxSE.

• A copy of the Final Terms (pricing supplement) 
• Information about the legal entity assuming the payment of the listing and maintenance fee
• First listing price (current market price)
• Closing confirmation
• Split of RegS - Rule 144A Notes (if applicable)

There is no need to complete a new application form to list tranches under a programme. A request for admission should be filed no later than noon on the day prior to scheduled listing.

Approval fees are to be paid to the CSSF. Details of the CSSF’s fees can be found here.

Listing and maintenance fees are paid to LuxSE. All fees are paid in euros.

• Bonds

  Programmes
  	New	Update	Supplement
  Approval fee (if and as applicable)	2,500	1,000	600
  Listing fee	2,000	1,000	6001

  Tranches
  Approval fee ​(if and as applicable)	Drawdown/Unitary prospectus
  		600
  	Single fee	Fungible
  Listing fee	600	600

  Maintenance fee	Issued amont (in € million)	Per security per year
  		Up to 50	300
  		Up to 100	450
  		Up to 500	500
  		More than 500	600

  (1) Applicable only if the supplement includes an increase in the nominal amount

• Structured Investment Products

  Programmes
  	New	Update	Supplement
  Approval fee (if and as applicable)	2,500	1,000	600
  Listing fee	2,000	1,000	6002

  Tranches
  Approval fee ​(if and as applicable)	Drawdown/Unitary prospectus
  		600
  Listing fee	Single fee	Fungible
  		500	600

  Maintenance fee	number of tranches3	Per tranche per year
  		From 1 to 500	300
  		From 501 to 1,000	200
  		Starting from 1,001	0

  _{(2) Applicable only if the supplement includes an increase in the nominal amount
  (3) Range applicable is based on the total number of new tranches (including fungibles) listed during the calendar year}
   

After listing and admission to trading, issuers are required to fulfil specific reporting obligations. Issuers must file documents containing regulated information with the CSSF, as outlined under the Law of January 2008 (as amended), which implements the requirements of the EU Transparency Directive.

Issuers must also file information and scheduled corporate events with LuxSE (Part 1, Chapter 9 of the Rules & Regulations).

Issuers on the BdL market can take advantage of LuxSE’s FIRST, a dedicated service where issuers can simultaneously distribute publications to the market, the Officially Appointed Mechanism (OAM) and the CSSF.